Adrian Kirtland, founder of Kirtland Law, has warned South Australian business owners to be wary of AI-generated tax advice as demand for accountancy services increases following federal tax law changes.
The lawyer, who has been a lawyer for 20 years and headed his own firm for 11 years, said accounting firms will be inundated with inquiries as the federal government’s new budget tax changes affect “all business owners.”
“What is this? [federal ]”Assuming the budget changes are passed, every business in Australia will need to be restructured,” Mr Kirtland said. He calls himself “The Taxiinator” due to his impression of action actor Arnold Schwarzenegger in the Terminator movies.
“All business owners should consult their accountants and tax advisors to consider how to change the structure of their company.”
Kirtland said this could mean an influx of already overburdened tax advisors, with executives and advisors turning to generative AI platforms for advice.
“This is a once-in-a-generation job boom for tax advisors,” Kirtland said.
“The only way to survive the next 12 months is with AI.”
He compared using OpenAI’s popular ChatGPT program to driving a car, saying you need someone to teach you how to drive a car.
“People don’t know how to use AI,” he says.
“The rule is that you can use AI to do things faster that you would normally do given time.”
Mr Kirtland said the changes could be a lubricant for accountants, opening up an opportunity to use Mr Kirtland’s tax law expertise to energize an AI platform developed in Perth.
The platform, called SavvyWise, leverages trusted sources such as law, tax rulings, and exclusive expert commentary written by Kirtland to help accountants with their tax audits.
The platform currently has 2,000 users from 150 accounting firms and is valued at approximately $27.5 million.
Mr. Kirtland was previously a developer of AI-based legal technology, but said he is no longer selling products to focus on his specialty tax law firm.
“That means I have the skill set, I’ve been doing this job for over a dozen years, I’m a dual expert in law and AI, so I can talk to technology companies,” Kirtland said.
He said his advice is a key part of what sets SavvyWise apart from other legal search products.
“I said what we needed for this was unique content,” said Mr. Kirtland, who claimed that he read the Master Tax Guide for fun during college vacations.
“I have special skills in tax law and we have the largest tax team in the state. I’ve been at this for a long time.”
SavvyWise co-founder Drew Pflaum asked Cartland to write the equivalent of 25 to 30 books on tax law over the next year to enhance his legal tech offering.
He said his content augments the basic information built into SavvyWise, such as tax rulings, laws and case law.
“You need someone who can tap into their expertise and say, ‘This is what you should focus on.’
“The generation part is one thing, but a properly functioning search engine is another. That’s where SavvyWise excels.”
